Specialty metals producer, Allegheny Technologies Inc.(ATI) Friday, said it has signed two long-term agreements to supply zirconium alloy products that is used in nuclear-based clean electrical energy production. The agreements cover products sold by ATI Wah Chang, an ATI operating company, with a total potential revenue estimated to be over $250 million.
Allegheny Technologies said that the two agreements were concluded with two leading and well-established companies in the global nuclear energy industry. One agreement is an extension of a 40-plus year strategic relationship with a nuclear fuel and component company. The other is a new multi-year contract with a nuclear steam system supplier.
The company caters to the major markets like aerospace and defense, chemical process industry/oil and gas, electrical energy, medical, automotive, food equipment and appliance, machine and cutting tools, and construction and mining.
Allegheny said its zirconium sponge expansion project is expected to be completed this year, which would double the reactor-grade zirconium sponge capacity to about eight million pounds per year, making it the world's largest producer of this critical metallic product.
Allegheny Technologies offers products such as zirconium, hafnium, niobium, and titanium products, nickel-based alloys, stainless alloys, tungsten heavy alloys, and other essential metallics are used in reactors and reactor vessels, steam generators, turbines, cooling towers, spent fuel transport casks, and spent fuel reprocessing and storage.
ATI is traded at $ 42.35 up $0.64 or 1.53% on the NYSE.
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